Shearman & Sterling advised Brazilian bank Banco do Brasil in U.S. law matters on a $1.4 billion secondary share offering, while Cleary Gottlieb Steen & Hamilton represented the underwriters.

Banco do Brasil, one of the largest banks in Brazil by assets, and shareholder FI-FGTS sold 132 million common shares in a R$5.8 billion offering that closed October 22. Banco do Brasil is a communal bank controlled by the Brazilian government.